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2016 (10) TMI 1273 - AT - Income TaxValuation of land on conversion into stock u/s 45(2) - reliance on Registered Valuer’s Report - reference under section 55A - HELD THAT:- Reference was made to the valuation officer in order to determine the fair market value as on date of conversion on the pretext that the fair market value as declared by the assessee which was backed by Registered Valuer Report, was higher, which is not correct. The issue arising in the present appeal is squarely covered by the ratio laid down by CIT Vs. Puja Prints [2014 (1) TMI 764 - BOMBAY HIGH COURT] which in turn has been followed by the Tribunal in Mrs. Anjali Bharat Kabra Vs. ITO [2016 (11) TMI 744 - ITAT PUNE] relating to assessment year 2009-10, order dated 26.08.2016. Accordingly, there is no merit in substitution of fair market value submitted by the DVO since in the pre-amended provisions of section 55A the value lesser than the value declared by the assessee cannot be adopted by way of reference under section 55A of the Act. Reversing the order of CIT(A), the additional ground of appeal raised by the assessee is allowed.
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